Several downtown Kansas City, Missouri buildings that have played a part in the city’s vibrant history are getting a renewed lease on life, thanks to real estate development collaborations with PNC Multifamily Capital. The developments are part of an ongoing trend toward revitalization of formerly blighted parts of the downtown area.
“We’re excited about these projects, in part because it’s great to see vacant historic buildings have a chance at a new chapter and turned into something that helps spur continued economic development in the downtown core,” said Jonathan Swigert, Historic Tax Credit and New Markets Tax Credit equity officer in PNC Multifamily Capital. “But maybe even more importantly, a lot of them are being converted into apartments, both as affordable housing units and units offered at reasonable market rates. This fills an important need for housing in the community and is central to our mission in PNC Multifamily Capital.”
Midland Lofts
One of the developments is a former 12-story office building located near the Power and Light District of downtown Kansas City. Originally constructed in 1927 as the Midland Office building, it served for many years as general office space for the adjacent Midland Theater. Now known as Midland Lofts, the property features 135 market-rate studio and one-bedroom residential rental units, resident lounges, conference rooms, a business center, and a fitness center. One-third of the apartment units are designated for residents who earn 80% or less of the area median income (AMI). PNC Multifamily Capital worked with developer Cordish Companies on the renovation and directly invested $4.8 million in Historic Tax Credit (HTC) equity in the project.
The Mark Apartments
Since its construction in 1923, the Mark Twain Tower has seen a range of notable tenants, including the Kansas City Athletic Club and the Continental Hotel. Now, the 22-story building has been renovated and relaunched as The Mark apartments. Collaborating with Aria Development and the Bernstein Companies, PNC Multifamily Capital directly invested more than $8 million in HTC equity to convert the property into commercial, co‐working, and event space, in addition to roughly 160,000 square feet of residential space. The building includes 222 units of studio and one-, two-, and three-bedroom apartments.
AT&T Building
Working with development firms Welltower OP and Bernstein Companies, PNC Multifamily Capital directly invested more than $15 million in HTC equity in the renovation and development of the former AT&T office building in downtown Kansas City. The property originally operated as the Southwestern Bell Administration Building and is listed on the National Register of Historic Places. Following renovation, the Brutalist-style, 13-story high-rise now contains 263 market-rate apartments, as well as commercial space.
The Aladdin
When the Aladdin Hotel opened in 1925, it quickly became the benchmark for five-star hotels in Kansas City and played host to a number of well-known and even notorious public figures over the decades. After ultimately closing its doors as a hotel in 2020, the 16-story building will soon start a new chapter as a luxury apartment complex. The property will feature 122 market-rate apartment units with fully modern amenities, as well as elements that nod to its colorful past, including a basement speakeasy. Thirteen of these units will be designated for residents earning 60% AMI or less. PNC Multifamily Capital invested $5.1 million in HTC equity in the development, collaborating with Molzer Development and Free Heel Capital.
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PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, seniors housing and conventional products. Each year, PNC Multifamily Capital finances or invests in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more or contact your relationship manager.
